Since February 2, Brazil’s central bank has required crypto service providers in the country to meet capital requirements reaching up to 37.2 million reais, approximately 7.2 million dollars. Of the nearly 300 registered operators, only 20 to 25 would be able to submit a viable application, with roughly ten expected to obtain a license. Four major platforms, Bitnuvem, NovaDAX, Digitra, and Coinext, have already suspended or restructured their retail services. Transactions involving stablecoins pegged to foreign currencies now fall under foreign exchange regulations, affecting approximately 90% of Brazilian crypto flows. Applicants must submit their files by October 30 or cease operations, leaving a handful of survivors to share Brazil’s position as Latin America’s most active crypto market.
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